Hi JameThank you but I have since decided to give Memphis a miss for now, at this stage I am not ready and confident that I could be succesful in an area as complex as Memphis and will look in other areas for Apartments.RegardsDavid Lehane

Sometimes the selection is literally rotational down a list (assuming they were competent/available/etc) and other times it's who I felt was available/expeditious/proximity to the assignment/complexity of the assignment/etc.

I worked for a PM company and I was the on-site manager for a 140 unit apartment complex of theirs for 11 years and I learned a lot there from the site level as a employee & on the business side that's why I decided to get my brokers so I can open my own PM company.

Here is a link for you:Bought 200+ Unit Apartment Complex, Increased Value Over $4 MillI buy 100 to 400 unit deals and doing DM again.

The only one that really doesn’t have to have that much experience or Down Payment is the Multifamily, but you would have to show that the Apartment Complex is giving you a good Return before a Lender will give you money.

Others have pointed out the complexity and since its not really an arms length transaction any lender may want justification that the rent is no more than market rate.

I'm currently looking for a 3-4 unit multi-family complex near Evanston, IL.

Noting too complex, simple stuff yet I can't find someone reasonable. 

I feel like we have enough casinos but we could use a general entertainment complex that we all could benefit from.

Since it's your first investment, it may be wise to look at a single family home or a small multifamily properties unless you can find a good mentor/partner to help you get through the complexities of dealing with larger properties.